Global trades involves the exchange of capital, goods, and services across international borders, thus global trade finance needs to be protected against the unique risks of international trade, currency fluctuations, political instability, and issues of non-payment & creditworthiness.

To address the growing demand of real-time platform of cross-border and domestic trade payments, Infibeam Avenues Ltd and Primechain Technologies have collaborated. According to World Trade Organization (WTO) the market for trade finance is estimated to be above $ 12 trillion annually.

The Primechain API & technology stack for blockchain will exclusively run on Infibeam’s state- of -art integrated Data Center infrastructure along with LinuxOne platform at Gandhinagar International Financial Tech City (GIFT City). The platform will support multiple blockchain frameworks including multichain, hyperledger fabric, and hyperledger sawtooth.

“Infibeam’s Datacenter with IBM's Linux ONE servers were chosen because of their encryption capabilities, speed, and scalability” said Shinam Arora, CEO, Primechain Technologies. He further said that, the blockchain-based platform would support a wide range of use cases including anti-money laundering review, auction of goods and freight contracts, cargo tracking, cross border trade payments, invoice discounting platform, supply chain transparency & counterfeit reduction and trade documents issuance & sharing.

Founded in 2016, Primechain Technologies is a global blockchain startup that also operates the BankChain community of banks. BankChain is an alliance of banks formed in February 2017 to explore, build and implement blockchain-based solutions. The BankChain community has 37 members, with representations from 28 Indian banks, including State Bank of India, ICICI Bank Ltd, Kotak Mahindra Bank Ltd, HDFC Bank Ltd and Yes Bank Ltd.

Primechain maintains the Blockchain Security Controls, the open source YobiChain project and Primechain-CONTRACT a private blockchain based solution for document storage, authentication, and verification.